Employees of Germany’s Commerzbank are voicing strong opposition to a possible takeover by Italian banking giant UniCredit. Ahead of Commerzbank’s annual general meeting, staff members have organized protests to express their concerns about job security and the loss of the bank’s independence.
UniCredit has recently increased its stake in Commerzbank to around 28%, raising fears of a hostile takeover. This move has triggered widespread criticism, including from German Chancellor Olaf Scholz, who described UniCredit’s actions as “unfriendly.” Many see this as a threat to Germany’s financial sovereignty.
eignty. Employee representatives, including the Verdi union and the bank’s works council, are particularly worried about potential job cuts, with some estimates warning that up to two-thirds of jobs could be lost under new ownership. They are urging the German government to maintain its 12% stake in the bank and block any further share sales to UniCredit.
In an effort to strengthen its position and stay independent, Commerzbank has announced a plan to cut 3,900 jobs—mainly in Germany—and streamline operations. This comes as the bank reports its strongest quarterly profits since 2011, a move seen as a way to demonstrate resilience and discourage the takeover.
The standoff highlights deep concerns about national economic interests, employment stability, and foreign influence in one of Germany’s key financial institutions.
